For conducting geophysical studies and exploratory drilling on 597 acres of area in Maharashtra, State-run manganese ore producer MOIL has earmarked Rs 250 crore investment. The grant of Prospecting Licence (PL) for an area of 597.44 hectares in Nagpur and Bhandara by Maharashtra has come at the right time. Anticipating the grant, Rs 250 crore has been earmarked for conducting geophysical studies, exploratory drilling, MOIL CMD GP Kundargi said in the annual report.